BTC is currently trading around $72,200 and ETH around $4,050. Notable gainers in the last 24 hours are TON, XRP, and INJ. The global crypto market cap is $2.84T, down 0.2% over the last day. DeFi Total Value Locked is ~$103b and BTC dominance is around 54%.
US headline and core inflation increased 3.2% and 3.8%, respectively, over the last year in February, both 0.1 percentage points greater than expected. The slightly higher than expected inflation is likely to keep the Fed on hold over the near-term as it gains greater confidence that inflation is indeed headed towards its 2% target.
Notable news includes: Israel’s central bank announced a New Israeli Shekel CBDC that has the potential to bear interest; Thai regulators stated they will allow money managers to launch private funds for US spot Bitcoin ETFs for institutional and high net worth investors; The UAE integrated Cardano blockchain technology to enhance the security of criminal investigations; President Biden released his 2025 budget proposal that attempts to close the digital asset wash sale loophole and implement a tax on crypto mining, though the budget proposal faces an uphill battle and Biden failed to get these measures included in prior year budgets; Coinbase filed a lawsuit against the SEC asking the court to grant its petition for review, overturn the SEC’s denial, and order the SEC to begin the rule making process; VanEck cut fees for its spot Bitcoin ETF to zero for the next year; CoinShares acquired Valkyrie’s ETF business; Telegram stated it is close to profitability and expressed interest in an IPO; the Layer 1 Foundation has been created to formalize the underlying BRC-20 fungible token standard; and, Gnosis Chain, which mirrors Ethereum, activated the Dencun hard fork yesterday.
Sign up to conveniently receive GSR crypto content in your inbox.
Author:
Brian Rudick, Senior Strategist | Twitter, Telegram, LinkedIn
This material is provided by GSR (the “Firm”) solely for informational purposes, is intended only for sophisticated, institutional investors and does not constitute an offer or commitment, a solicitation of an offer or commitment, or any advice or recommendation, to enter into or conclude any transaction (whether on the terms shown or otherwise), or to provide investment services in any state or country where such an offer or solicitation or provision would be illegal. The Firm is not and does not act as an advisor or fiduciary in providing this material. GSR is not authorised or regulated in the UK by the Financial Conduct Authority. The protections provided by the UK regulatory system will not be available to you. Specifically, information provided herein is intended for institutional persons only and is not suitable for retail persons in the United Kingdom, and no solicitation or recommendation is being made to you in regards to any products or services.
This material is not a research report, and not subject to any of the independence and disclosure standards applicable to research reports prepared pursuant to FINRA or CFTC research rules. This material is not independent of the Firm’s proprietary interests, which may conflict with the interests of any counterparty of the Firm. The Firm trades instruments discussed in this material for its own account, may trade contrary to the views expressed in this material, and may have positions in other related instruments.
Information contained herein is based on sources considered to be reliable, but is not guaranteed to be accurate or complete. Any opinions or estimates expressed herein reflect a judgment made by the author(s) as of the date of publication, and are subject to change without notice. Trading and investing in digital assets involves significant risks including price volatility and illiquidity and may not be suitable for all investors. The Firm is not liable whatsoever for any direct or consequential loss arising from the use of this material. Copyright of this material belongs to GSR. Neither this material nor any copy thereof may be taken, reproduced or redistributed, directly or indirectly, without prior written permission of GSR.
